7 Spices Restaurant: SWOT Analysis and Marketing Mix

7 spices restaurant
Introduction: This poster states about the various factors to be considered for a successful implementation of business plan. It covers SWOT analysis and marketing
mix of the restaurant.
Vision: The main vision of 7spices restaurant is to provide high quality food experience to its customers.
Aim: The aim of 7spices restaurant is to provide at fair price the most nutritional and well-prepared meals using high quality ingredients. To provide a fresh and
comfortable place for the guests and the staff. By maintaining these aims will help in assuring fair profit that will allow us to contribute to the society as a whole.
Objective: To achieve high level of customer satisfaction and to serve quality food and achieve higher revenue
Goal: To provide services to all the customers base irrespective of their class.
Background
The 7 spices restaurant is intended to serve the most traditional and well known
Indian food items. This restaurant will attract customers from different various
background to taste the most authentic Indian food items at one place. The business
plan intends to provide food which is cooked while ensuring high quality standards.
MARKETING MIX
Product
7spices restaurant would be provide wide range of food products from
vegetarian to non-vegetarian and drinks along with huge variety in the same. It
will provide products and services as the customers preferences and needs and
tastes so that they ca get everything at one place and not required to move to
competitors.
Price
The price of the product will be placed reasonably lower as compared to the
competitors which will help in attracting customers from various income
groups and this will help in increasing the customer base. But lower in price
does not mean low in quality.
Place
The 7spices restaurant will be located at the most busy and crowded place
mostly near the tourist location which will help in grabbing more customers.
Promotion
The best way to promote the restaurant is to engage into television, pamphlets,
radio along with social media advertising for creating awareness among the
consumers about the new restaurants. There are large number of users on
social media which made it the most reasonable and effective mode of
promotion.
SWOT ANALYSIS
Strength
• Well trained and experienced staff.
• Take away option for customers
• Ability to sell the product online
• High visible website
• Limited start up risk
• Good ventilation system
Weaknesses
• High transportation costs
• Limited flexibility in pricing the
products
• No R&D sector to research on
product and customer satisfaction
• Poor relationship with the
employees and the customers
CONCLUSION
The 7 spices restaurant’s intention to provide quality service to its customers
through its wide range and variety food products will be a success. As it has the
strength of its experienced staff and the good ambience which will create an
atmosphere for the customers to relax and have their favourite food items at peace.
It has immense opportunity to grow its business by opening more stores at different
locations so that customers do not have to travel long.
REFERENCES
Thabit, T. and Raewf, M., 2018. The evaluation of marketing mix elements: A case study. International Journal of Social Sciences & Educational Studies. 4(4).
Gürel, E. and Tat, M., 2017. SWOT analysis: a theoretical review. Journal of International Social Research. 10(51).
McDonald, M. and Wilson, H., 2016. Marketing Plans: How to prepare them, how to profit from them. John Wiley & Sons.
STP analysis
Segmentation: The restaurant’s segment market will be people of all age
group and income level.
Targeting: The 7spices restaurant will target all the foody people. It involves
all the people who loves to eat belonging to any community.
Positioning: Social media, radio and television will be used to position its
products. Holdings will also be a key tool to position the products in the
market.
Financial opportunities: Management of 7 Species Restaurant can collect
funds from different banking institutions and angel investors. Banking finance
is a safer technique to generate funds for different financial needs of the
restaurants.
Opportunities
• Continue business expansion
through online portal
• Ability to open additional stores
• Affiliate relationship with
related vendors and suppliers
• Increase delivery service
• Introduce new food items
Threats
• Changes in the regulations
might impact the business
• Increase in the price of the raw
materials and inputs can cause
rise in the product prices
• Competitors offering similar
products at the lower price
• Departure of skilled and
experienced employees